BPI has sold a bad debt portfolio worth around 73 million euros, the financial institution said in a statement.

“BPI concluded, through a competitive process, the sale of a portfolio of non-performing loans, with a total gross value of close to 73 million euros,” reads the document.

The non-performing loans (NPLs) were sold to a credit fund managed by a UK-based company and include positions with and without real mortgage guarantees, involving around 18,200 credit contracts and around 4,700 customers.

At the end of the first quarter, the non-performing exposures ratio of the bank led by João Pedro Oliveira e Costa was 1.6 per cent.

Original Story: Jornal de Negócios | Author: Hugo Neutel
Edition and translation: Prime Yield